BigFuture launches wealth advice on the cloud
Fintech company BigFuture Pty Ltd has announced the launch of its cloud-based advice service aimed at “democratising wealth management”.
BigFuture Pty Ltd. has announced the launch of its cloud-based advice service aimed at “democratising wealth management” by giving individuals tailored information about investing and access to “sophisticated” financial planning tools.
The service provides a single, unified interface for members to view their total wealth, including superannuation, bank accounts, term deposits, managed funds, property and loans. It also tracks how a member’s wealth changes over time and provides asset allocation and country allocation summaries.
Donald Hellyer, chief executive officer of BigFuture, said the service caters to individuals of all ages who want to learn more about investing and take control of their finances.
“BigFuture aims to democratise wealth management,” he said.
“We believe if you can learn how to drive a car you can learn how to manage your own money.”
Co-Founder Michael Clancy said that BigFuture’s service was founded in response to a climate of distrust emanating within the market, with one key trend seeing a rise in self-directed investors.
“Around 80 per cent of Australian adults do not use financial planners. Some people just aren’t sure where to start,” Clancy said.
“BigFuture can help this large group of Australians learn how to manage their wealth”.
Chief Technology Officer, Chris Reay, said the team had developed a sophisticated planning model for members to assess how much they need to save for retirement and how much they will be able to spend in retirement.
By using a stochastic simulation, titled Monte Carlo, the model allows members to model how they want to spend their wealth and then provides an evaluation regarding the likelihood of this lifestyle being funded.
Reay said the Australian wealth management industry was at a turning point, arguing there is room for great technological innovation in this space particularly as more disruptors appeared in the market.
“Australia is only seeing the start of how technology is going to radically change and enhance wealth management for individuals and service providers,” Reay said.